Ceigall India Limited announced that its wholly owned subsidiary, Ceigall Infra Projects Private Limited, has secured a significant highway construction contract from the National Highways Authority of India (NHAI). The Letter of Award, dated February 11, 2026, represents a major infrastructure project worth ₹2,160 crore in Bihar state.

Project Overview

The awarded project involves the construction of 4-laning of the Sahebganj Areraj Bettiah section of NH 139W, spanning a total length of 78.942 km in Bihar. The project will be executed under the Hybrid Annuity Mode (HAM), a public-private partnership model commonly used for highway development in India.

Project Sections

The highway project is strategically divided into two distinct sections to facilitate efficient execution and management:

• Section-1: Sahebganj to Areraj covering 38.362 km
• Section-2: Areraj to Bettiah spanning 40.580 km

This segmentation allows for parallel construction activities and better resource allocation across the project timeline.

Special Purpose Vehicle Formation

Following the project award, Ceigall India has incorporated a dedicated subsidiary, "Ceigall Sahebganj Bettiah Highway Limited," on February 17, 2026. This Special Purpose Vehicle (SPV) has been specifically created to undertake the execution of the awarded highway project.

Management Commentary

Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said: "We are pleased to receive this Letter of Award from NHAI for the Sahebganj–Areraj–Bettiah corridor in Bihar. This project is closely aligned with the Government of India's PM Gati Shakti vision of integrated and multimodal infrastructure development."

Sehgal further emphasized the project's strategic importance, stating that strengthening national highway networks is critical to improving logistics efficiency, enhancing regional connectivity, and accelerating economic growth. The company remains committed to delivering the project with speed, quality, and sustainability.

Contract Details and Strategic Impact

The project operates under a domestic contract framework with NHAI, eliminating any international entity involvement. This strategically important highway corridor is expected to significantly improve regional connectivity in Bihar, enhance road safety, and facilitate faster movement of goods and passengers, thereby supporting economic development in the region.

The order adds to Ceigall India's robust order book and underlines the company's continued focus on national highway projects under annuity-based models, aligned with long-term visibility of revenues and sustainable growth. The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ceigall India Limited's Board of Directors concluded significant business decisions at their meeting held on February 09, 2026, including the appointment of a new Chief Executive Officer and approval of Q3FY26 unaudited financial results. The meeting, which commenced at 11:20 A.M. and concluded at 02:00 P.M., addressed multiple strategic initiatives under Regulations 30 and 33 of SEBI (LODR) Regulations, 2015.

CEO Appointment and Leadership Changes

The Board approved the appointment of Mr. A. Saravanan as Chief Executive Officer (CEO) of the Company, effective February 10, 2026, based on recommendations from the Nomination & Remuneration Committee. Mr. Saravanan brings extensive experience to the role with nearly 32 years in the infrastructure sector, particularly in EPC Highways Projects from NHAI, MoRTH and World Bank Funded Projects.

Q3FY26 Financial Performance

The company demonstrated robust financial performance during the third quarter of FY26. Total income reached ₹9,816.81 million for the quarter ended December 31, 2025, compared to ₹8,199.57 million in the corresponding quarter of the previous year. The standalone results showed consistent growth across key financial metrics.

Subsidiary Divestment Transaction

The Board approved execution of a Binding Offer Letter with Neo Asset Management Private Limited for the proposed sale of Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH), a step-down subsidiary. The transaction represents a strategic divestment initiative for the company.

Consolidated Financial Results

The consolidated financial results for Q3FY26 showed total income from operations of ₹9,911.42 million with net profit after tax of ₹723.87 million. For the nine-month period, consolidated total income reached ₹26,778.44 million with net profit after tax of ₹1,798.86 million. The consolidated basic earnings per share for Q3FY26 stood at ₹4.16.

Regulatory Matters and FIR Disclosure

The Board considered submissions made by the Statutory Auditor regarding a First Information Report (FIR) lodged with District Police Commissionerate, Ludhiana on January 22, 2026. The FIR was filed against three vendors and six employees in connection with alleged fraudulent purchases during Q3 FY26 amounting to ₹89.65 million. The company has made appropriate adjustments to inventories, creditors and GST Input Tax Credit as at December 31, 2025, resulting in no impact on the profit and loss statement for the quarter.

Policy Reviews and Compliance

The Board also reviewed and approved various company policies including Related Party Transaction Policy, Dividend Distribution Policy, Determination of Materiality of Event or Information Policy, Risk Management Policy, Policy on Board Diversity, Nomination and Remuneration Policy and Succession Planning for Appointment of Directors and SMPs. The financial results were duly reviewed by the Audit Committee before Board approval and have been published in Business Standard (English) and Daily Suraj, Ludhiana (Punjabi) newspapers.